First, inform the Police and get a Police Report in less than 24 hours of the Car Lease Wreck. It is your way of legally establishing facts surrounding the Lease Car Accident before the other party distorts the story. The number to call is 911. Here are a few tips from our NYC Car Dealer clients Signature Auto Group. Next, if the other person is at fault, file your claim against him or if you are at fault, get someone else to take over the car repair at no cost. Car Lease Wreck does not spell doom for you. Even when the Car Lease Wreck was your fault, your insurance company will cover the cost of repair after the accident. When the Car Lease Wreck is not your fault, your insurance company will see to it that they claim indemnity against the other person who bashed the car leased. It's important to obtain an NYC Official Car Accident Report. Now you have to put the Leasing Company in the know and this enables them to check the Leased Car, determine the extent of the damage resulting from the Lease Car Accident and negotiate with your insurance company or the insurance company of the other person involved in the Car Lease Wreck, if the other person was responsible for bashing the Leased Car. When the negotiation between the Leasing Company and the Insurance repair is done to remedy the Car Lease Wreck and once that is done, continue with your lease as normal. Lease Car Accidents are not so common, the reason why you might be blank when they occur. There are simple steps you should take when you suffer a Lease Car Accident to minimize or completely extinguish your loss. What if the Lease Car Crash Is Bad? It can be concluded that your Car Lease Wreck is terrible when the extent of the Car Lease Wreck renders the vehicle completely beyond repair: “The Vehicle is Totaled.” This is determined when the cost of repair is reasonably above the actual value of the vehicle. According to New York City local Collision Repair experts Auto Group Collision recommend, in this situation, your insurance company will determine the value of the car involved in the Lease Car Accident, from the Car Lease Company. Then, the insurance company will issue a payout to the Car Lease Company, to offset the value of the car. Notes of Caution:
- After the Lease Car Accident, you might discover that the party who wrecked your lease car is uninsured. In this situation, do not panic. Your insurance company will indemnify you but you must be adequately insured beforehand.
- If you proceed to repair your leased car after obtaining an indemnity from your insurance company, be sure to repair a professional shop approved by your insurance company to get the Original Equipment Manufacturer’s parts and avoid the troubles of scrappy old parts.
- Bear in mind that upon the repair of the damaged leased car, its value depreciates. Hence, it is financially unwise to sell the car and get undervalued bargains. It is best to return the car to the lease company or buy it yourself whenever the lease ends.
- Never go for cheap insurance. Get quality insurance to be properly covered during a Lease Car Accident.